Last year, we experienced one of the most challenging periods in recent history. Covid-19 affected the lives of many.
The impact on our immediate family, friends and colleagues, the constancy of the physical and mental ordeal and the uncertainty didn't make things easier for many of us at HDFC as well.
However, we found within this storm, a reservoir of calm in the way our team stayed on course. Our firm resolve, patience and disciplined effort helped us continue 'business as usual' for our customers.
Today, the nation has begun its road to economic recovery and the indications are promising. At HDFC, our individual loan disbursements performed well and the demand pick-up was much faster than we had anticipated in the latter part of the year.
The concerns of a new wave of Covid-19 infections in recent weeks are serious, but the learning from the last wave, localised nature of the present lockdowns, the vaccination drive and increased digitalisation has allowed us to keep growing at a steady pace.
Our increased focus on online loan processing during the lockdown coupled with our quick response helped our services stay seamless and uninterrupted.
Remote working required new ways of co-ordinating and we found our team rising to the challenge admirably.
Our efforts at digitalisation have been bearing fruit and we continue to strengthen our online services, in order to be future-ready. All this, while upholding the values which our stakeholders have come to expect from us.
Quality customer service, quick and courteous resolution of problems, integrated and complementary teamwork and most importantly, our domain expertise in housing have helped us stand the test of time and will give us further impetus in the coming period.
ON THE FORCE
Interest rates are low and with tax incentives and concessional stamp duty rates by some states, home ownership is now a priority for many customers.
Our front office and back office personnel across branches and service centres, remote working staff, channel partners and all other support systems are working in tandem to ensure that opportunities continue being available to all those looking to buy property during these times.
The culture of working as one team at HDFC has helped us meet the dreams of over 8.4 million customers. Individual loan disbursements grew considerably and we also witnessed a good level of growth in terms of individual receipts, approvals and disbursements, ending the year on a high.
However, the second wave and partial lockdowns have brought new challenges. Our efforts in creating digital platforms coupled with what we learnt from the experiences of the last year, have helped us reach customers in varied geographies while also boosting our readiness to face the coming times.
With optimism, we are also aware of the changing scenario affecting every sector including ours.
We intend no compromise on the high ethical standards we have set for ourselves. This ensured our reputation as a trusted brand was again acknowledged by our peers.
Being adjudged as the 'Best Company of the Year' at the Economic Times Awards and conferred with the 'Golden Peacock Award for Excellence in Corporate Governance' by the Institute of Directors reaffirms our faith in our prudent approach.
Taking our responsibility as a corporate citizen seriously, we have also focused on Covid-19 relief, healthcare and sanitation, education and livelihoods during the last year.
Our performance has made all our stakeholders optimistic and this reputation to deliver time and again, holds the place of pride for us. At HDFC, our team members are willing to go beyond excelling in their roles and take that extra step required to do consistently well in the coming times.